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GNCC Capital, Inc. -- Corporate Actions Demanded By Majority Of Company's Shareholders
GNCC Capital, Inc. -- Corporate Actions Demanded By Majority Of Company's Shareholders.
About this update from Gncc Capital, Inc.
[{"type":"text","content":"\n\n\n\nGNCC Capital, Inc. -- Corporate Actions Demanded By Majority Of Company's Shareholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGNCC Capital, Inc. -- Corporate Actions Demanded By Majority Of Company's Shareholders\nPR Newswire\nLAS VEGAS, Aug. 21, 2019\n\n\n\nLAS VEGAS, Aug. 21, 2019 /PRNewswire/ -- GNCC Capital, Inc. (GNCP.PK) (\"The Company\" or \"GNCC\") confirms that it is now in very advanced negotiations which will now result in an immediate and radical restructuring, including replacing the Company's Board of Directors. \nThe Company's Directors, early last week, were approached by a number of shareholders holding secured shares of the Company's Preferred Stock that have now insisted upon immediate changes at the Company. Simply put, their view is that:\nThis Company is either a \"Cannabis\" or a \"Mining Exploration\" Company; obviously it will now become solely invested in the Cannabis Sector; and That no holders of shares of Preferred Stock require worthless \"paper Dividends\" on an Annual Basis; and That many holders of Preferred Stock would prefer to surrender a percentage of their holdings in order to facilitate the acquisition(s) of valuable, profitable and meaningful Cannabis transactions. Given the ongoing non-performance of the Company's Common Stock price; coupled with our not closing upon transactions; they are now, not negotiable in their demands. To that end, in order to meet their demands, the Company is negotiating and in certain cases, ensuring to secure:-\nA disposal of the Company's Mining Exploration Assets and the resultant immediate cancellation of all of the Company's secured Series \"A\" and \"C\" Convertible Preferred Stock, totaling $25.5 million; and The immediate elimination of all Dividends on all of the various Classes of Preferred Stock; and The elimination of all Long Term Liabilities totaling some $6.3 million at Q3; and No further issuances of shares of any classes of Preferred Stock; and An immediate reconstitution of the Board of Directors with the Executive Directors only being those with significant ...